Investment Rating - The report maintains a "Buy" rating for several companies including Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, and others [10]. Core Viewpoints - The report suggests focusing on import substitution, pure domestic demand, and high dividend opportunities in the chemical industry [6][20]. - The international oil price is expected to stabilize between $65 and $70 per barrel in 2025, influenced by geopolitical factors and trade agreements [6][21]. - The chemical industry is currently experiencing a mixed performance, with some sectors like lubricants showing better-than-expected results, while others remain weak due to overcapacity and weak demand [20][21]. Summary by Sections Chemical Industry Investment Suggestions - Key products with significant price increases include butanone (up 13.55%), urea (up 13.16%), and TDI (up 6.73%) [17]. - Products with notable price declines include methanol (down 9.84%), PS (down 9.62%), and pure MDI (down 8.89%) [17][20]. - The report emphasizes the importance of focusing on sectors like glyphosate, fertilizers, and companies with strong domestic demand [20][21]. Market Performance - The basic chemical sector has shown a performance of 20.4% over the past 12 months, outperforming the Shanghai Composite Index [2]. - The report highlights the volatility in international oil prices, with Brent crude at $68.30 per barrel and WTI at $66.50 per barrel as of July 4 [6][21]. Company Focus and Earnings Forecast - Specific companies recommended for investment include Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, and others, with projected earnings per share (EPS) growth and favorable price-to-earnings (PE) ratios [10]. - The report suggests that companies like China National Petroleum and China National Offshore Oil Corporation are attractive due to their high dividend yields [6][20].

Key Points - Juhua Co., Ltd. expects a net profit of 1.97 billion to 2.13 billion yuan for the first half of 2025, representing a year-on-year increase of 136% to 155% [1] - The main reasons for the significant profit growth include the continuous recovery in the prices of fluorinated refrigerants and stable growth in production and sales of core products [2] - Haida Group anticipates a net profit of 2.5 billion to 2.8 billion yuan for the first half of 2025, reflecting a year-on-year increase of 17.64% to 31.76% [3][4] - Huagong Technology expects a net profit of 890 million to 950 million yuan for the first half of 2025, indicating a year-on-year growth of 42.43% to 52.03% [5][6] - Yun Aluminum Co., Ltd. forecasts a net profit of 2.7 billion to 2.8 billion yuan for the first half of 2025, showing a year-on-year increase of 7.19% to 11.16% [7][8] - Saint Farm anticipates a net profit of 850 million to 950 million yuan for the first half of 2025, representing a year-on-year increase of 732.89% to 830.88% [13] - Dinglong Co., Ltd. expects a net profit of 290 million to 320 million yuan for the first half of 2025, reflecting a year-on-year increase of 33.12% to 46.9% [14] - Yuxiu Capital forecasts a net profit of 1.473 billion to 1.575 billion yuan for the first half of 2025, indicating a year-on-year growth of 45% to 55% [15] - Haohua Technology expects a net profit of 590 million to 650 million yuan for the first half of 2025, representing a year-on-year increase of 59.30% to 75.50% [16] - Huace Navigation anticipates a net profit of 320 million to 335 million yuan for the first half of 2025, indicating a year-on-year growth of 27.37% to 33.34% [18] - Dajin Heavy Industry expects a net profit of 510 million to 570 million yuan for the first half of 2025, reflecting a year-on-year increase of 193.32% to 227.83% [20] - Shandong Steel anticipates a net profit of approximately 12.71 million yuan for the first half of 2025, marking a turnaround from loss to profit [22]

Group 1 - China National Offshore Oil Corporation (CNOOC) has appointed Zhang Chuanjiang as the new chairman, effective from July 8, 2023 [1] - Zhang Chuanjiang has extensive experience in the energy sector, having held various leadership positions in companies such as China Shenhua Coal to Liquid and China Datang Corporation [1] - The previous chairman, Wang Dongjin, stepped down from his roles, including non-executive director and chairman, effective April 23, 2025 [1] Group 2 - Wang Dongjin has a long career in the oil industry, having worked in various capacities within China National Petroleum Corporation (CNPC) before joining CNOOC in 2018 [2][3] - In the first quarter of 2023, CNOOC reported a revenue of 106.85 billion yuan, a year-on-year decrease of 4.1%, and a net profit attributable to shareholders of 36.56 billion yuan, down 7.9% year-on-year [3]

1 张先生不存在根据上海证券交易所的相关规定不得担任上市公司董事的情形。 董事会借此机会对张先生表示衷心祝贺。 证券代码：600938 证券简称：中国海油 公告编号：2025-022 中国海洋石油有限公司 关于委任公司董事长、非执行董事、提名委员 会主席及战略与可持续发展委员会主席 的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 本公司董事会于 2025 年 7 月 8 日审议通过有关委任董事长、非执行董事及董事会 下属委员会主席的议案，表决结果为 8 票同意，0 票反对，0 票弃权。本公司提名委员 会已审议通过该议案，并同意提交董事会审议。董事会宣布： 自 2025 年 7 月 8 日起，张传江先生（"张先生"）获委任为本公司董事长、非执 行董事、提名委员会主席及战略与可持续发展委员会主席。张先生的简历详见附件。 本公司已于 2025 年 7 月 8 日与张先生订立服务协议（"服务协议"）。张先生将 任职至本公司 2025 年度股东周年大会召开之日，且将有资格于该股东周年大会上参与 重选。根据本公司与张先生之间的服务 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因 依賴該等內容而引致的任何損失承擔任何責任。 CNOOC Limited （中國海洋石油有限公司） （根據公司條例在香港註冊成立的有限責任公司） 股票代號：00883（港幣櫃台）及 80883（人民幣櫃台） 公告 承董事會命 中國海洋石油有限公司 徐玉高 聯席公司秘書 香港，二零二五年七月八日 於本公告刊發日期， 董事會由以下成員組成： 非執行董事 董事名單與其角色和職能 | 董事會下屬 | 審核委員會 | 提名委員會 | 薪酬委員會 | 戰略與可持續 | | --- | --- | --- | --- | --- | | 委員會 | | | | 發展委員會 | | 董事 | | | | | | 執行董事 | | | | | | 周心懷(副董事長及 | - | - | - | M | | 首席執行官) | | | | | | 閻洪濤(總裁) | - | - | - | M | | 穆秀平(首席財務官) | - | - | - | - | | 非執行董 ...

Core Viewpoint - Zhang Chuanjiang has been focusing on energy integration, increasing reserves and production, cost reduction and efficiency improvement, and green transformation during his first month as Chairman of CNOOC [1][2][4] Group 1: Key Activities and Focus Areas - Zhang has participated in multiple meetings and research activities, emphasizing the integration of oil and gas with various new energy projects [1][2] - On June 18, during a work survey at CNOOC, he highlighted the need for the integration of oil and gas with new energy and the development of marine energy [1] - On June 19, he stressed the importance of high-quality development in overseas operations and optimizing asset layout [2] - He visited Tianjin from June 25 to 26, focusing on enhancing energy security through key areas such as increasing reserves and production, cost reduction, and technological innovation [2] - On June 27, he called for increased forward-looking research to gain a competitive advantage in future industries [2] Group 2: Strategic Initiatives - Zhang aims to establish a "wind-solar-storage-hydrogen" green energy production base, leveraging offshore oil field electricity needs to develop surrounding offshore wind and solar projects [4] - He emphasized the importance of carbon capture and storage (CCUS) technologies and the integration of various energy projects to promote sustainable energy development [4] - On July 2, he acknowledged the achievements of the research institute in supporting CNOOC's high-quality development through technological advancements [4] - He has called for a focus on exploration and production, particularly in large and medium-sized oil and gas fields, to enhance reserve management capabilities [6] - Zhang has also highlighted the need for a world-class natural gas trading company, balancing profit and sales while expanding market presence [9]

Core Viewpoint - The article emphasizes the robust measures taken by state-owned enterprises to ensure energy supply stability during the peak summer demand period, highlighting the significant contributions of various energy sectors, including traditional and renewable sources [1][2][3][4][5]. Group 1: Energy Supply Measures - National Energy Group's electricity generation in June reached 1,025.8 billion kilowatt-hours, marking a 1.6% year-on-year increase [2]. - The State Grid has completed 140 key projects for summer peak supply, with a total investment exceeding 30 billion yuan, enhancing power supply capacity by over 30 million kilowatts [1][2]. - Southern Power Grid's highest electricity load reached 240 million kilowatts, a 6.1% increase year-on-year, with projections of 270 million kilowatts during peak summer [2]. Group 2: Renewable Energy Contributions - Clean energy supply capabilities are continuously improving, with offshore gas fields and LNG import operations significantly contributing to natural gas supply [3]. - New energy sources, particularly wind and solar, are becoming the main contributors to electricity generation, with a notable increase in their share of total generation [4]. - The Three Gorges Group's hydropower stations are prepared for peak demand, with expected maximum output exceeding 70 million kilowatts this summer [3]. Group 3: Future Energy Strategy - The article suggests accelerating the establishment of a reliable renewable energy-based supply system to balance energy supply and emissions reduction [4]. - The National Development and Reform Commission anticipates a year-on-year increase of approximately 10 million kilowatts in the highest electricity load during the summer peak [4][5]. - Financial support is being mobilized, with energy companies issuing special bonds to bolster supply efforts [4].

Investment Ratings - PetroChina: Buy with a 12-month target price of HK$8.30/Rmb12.60, reflecting a potential upside of 21.5% [19][24] - CNOOC: Buy with a 12-month target price of HK$20.90, indicating a potential upside of 14.6% [26][29] - Sinopec: Neutral with a 12-month target price of HK$3.70/Rmb4.90, suggesting a downside of 11.7% [30][35] Core Insights - The report emphasizes a preference for free cash flow (FCF) leaders like PetroChina and CNOOC, both expected to achieve double-digit FCF yields in 2026E [2][19] - PetroChina and CNOOC are projected to achieve FCF breakeven at Brent oil prices of US$30-$40/bbl, with attractive FCF yields of approximately 11% for both companies under various oil price scenarios [21][17] - Sinopec is expected to face weak FCF due to prolonged chemical market surplus and elevated capital expenditures, leading to a Neutral rating [30][39] Summary by Sections Earnings Estimates - PetroChina's estimated net income for 2Q is projected to decline by 30% year-on-year, while Sinopec's is expected to drop by 46% [1] - CNOOC's 1H net income is estimated to decrease by 16% year-on-year [1] Valuation Comparisons - PetroChina and CNOOC are trading at discounted valuations of 3.1X-3.2X on 2026 EV/DACF compared to a global average of 5.5X [2][14] - The report highlights that both companies could maintain attractive FCF yields even at lower oil prices, with PetroChina and CNOOC achieving yields of approximately 10% and 9% respectively at US$60/bbl [2][18] Price Sensitivity Analysis - For PetroChina, total EBITDA is projected to range from Rmb351.6 million at US$50/bbl to Rmb542.5 million at US$90/bbl [20] - CNOOC's EBITDA is expected to range from Rmb176.2 million at US$50/bbl to Rmb308.0 million at US$90/bbl [28] Market Dynamics - Recent geopolitical events have supported oil prices, leading to low domestic oil product inventories and robust refining margins despite weak demand [1][2] - The report notes that deep utilization cuts among state-owned refiners have contributed to the current market conditions [2][8]

Core Insights - Chevron Corporation is poised for a significant opportunity depending on the arbitration ruling regarding its $53 billion acquisition of Hess Corporation, which is crucial for accessing the Stabroek oilfield in Guyana [1][5]. Group 1: Acquisition Details - The arbitration is being overseen by the International Chamber of Commerce, which is currently reviewing the decision before sharing it with the involved parties [2]. - Chevron's interest in acquiring Hess is primarily driven by Hess's 30% stake in the Stabroek block, a key offshore oilfield operated by Exxon and involving CNOOC [3]. - The Stabroek block is vital for Chevron's strategy to address declining reserves, as indicated by a reserve replacement ratio of -4% in 2024, highlighting the urgency of this acquisition [3][7]. Group 2: Dispute Context - Exxon and CNOOC assert that their joint venture agreements provide them a right of first refusal on Hess's stake, while Chevron and Hess argue that this clause does not apply to their merger [4]. - The outcome of the arbitration will determine if Chevron can proceed with the acquisition or if Exxon and CNOOC can block the deal and potentially acquire the stake themselves [5]. Group 3: Strategic Implications - A favorable ruling for Chevron would enhance its position in a promising oil region, while an unfavorable outcome could jeopardize one of the largest oil deals in recent history [5].

Investment Rating - The oil and gas industry is rated as "Outperform" [6] Core Views - The report highlights significant fluctuations in oil prices due to geopolitical tensions in the Middle East and OPEC+'s decision to accelerate production in August by 548,000 barrels per day [1][16] - Brent crude oil is expected to stabilize between $65 and $75 per barrel in 2025, while WTI crude oil is projected to be in the range of $60 to $70 per barrel [2][19] Summary by Sections Oil Price Review - In June 2025, the average price of Brent crude futures was $69.9 per barrel, an increase of $5.9 per barrel month-on-month, while WTI averaged $67.6 per barrel, up $6.3 per barrel [1][14] - The highest prices reached were $79 for Brent and $78 for WTI during mid-June due to geopolitical events and declining U.S. oil inventories [1][14] Supply Side Analysis - OPEC+ announced an acceleration of production in August by 548,000 barrels per day, with plans to complete this increase by September 2025 [16][20] - The report notes that OPEC+ has extended its voluntary production cuts until March 2026, with a gradual restoration of production starting in April 2025 [20][21] Demand Side Analysis - Major energy agencies forecast an increase in global oil demand of 720,000 to 1.3 million barrels per day in 2025, and 740,000 to 1.28 million barrels per day in 2026 [2][17] - The expected demand for 2025 is projected at 105 million barrels per day according to OPEC, IEA, and EIA [2][17] Key Companies and Investment Recommendations - The report recommends focusing on companies such as China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), Satellite Chemical, CNOOC Development, and Guanghui Energy, all rated as "Outperform" [3][5]